For immediate release: 18 June 2013
Fitness First has appointed NOW: Pensions, the independent multi-employer trust as the provider of its workplace pension under auto-enrolment. From August 2013, NOW: Pensions will be responsible for delivering workplace pensions for nearly 700 Fitness First employees who are eligible for auto-enrolment.
Founded in Bournemouth in 1993, Fitness First is one of the largest gym, health and fitness clubs in the UK with 84 fitness clubs and 180,000 members throughout the country.
Neil Tune, HR Director, Fitness First said: “Finding the right partner to deliver auto-enrolment was a top priority for us and NOW: Pensions made the decision easy. We were impressed with the simplicity of its scheme which is high quality but low cost. The ease of implementation was also a big plus for us and has removed much of the administrative headache.”
Morten Nilsson, CEO of NOW: Pensions said: “Fitness First thought long and hard about the needs of its workforce and selected a high quality scheme which will help to ensure maximum engagement and participation. Implementing auto-enrolment can seem daunting so we do our best to make it a straightforward process for both employer and employee.”
NOW: Pensions is committed to developing a better workplace pension provision in the UK by offering a simple, high quality, cost efficient and systematically risk-managed pension product that delivers better retirement savings for UK employees across all income brackets. With over 45 years’ experience providing Denmark’s working population with stable and consistent pension returns, NOW: Pensions is transferring the knowledge acquired in Denmark to the UK pension auto-enrolment market.
As demand for its services continues to grow, NOW: Pensions has more than doubled its London based workforce hiring in every area of its business since the beginning of the year.
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For further information:
Tel: +44 203 640 9075
Tel: +44 207 294 3615
Notes for editors:
- Fitness First is one of the largest health club groups in the world with over 370 Fitness First clubs worldwide reaching over 990,000 members in 16 countries.
- One of the UK’s largest health club groups with over 180,000 members and is London’s largest fitness brand with 51 fitness clubs
- Following financial restructuring and new owners in 2012, the company is now debt-free and has a £150mn new facility to support investment and innovation
NOW: Pensions www.nowpensions.com
NOW: Pensions is a multi-employer trust. The investments are managed by NOW: Pensions Investments, a subsidiary of ATP inDenmark, and the administration is carried out by Paymaster, an establishedUKthird party administrator.
The NOW: Pension Trustee Directors, whose role is to safeguard the interests of members, comprises well-known industry figures with different areas of expertise:
- Nigel Waterson, former Shadow Pensions Minister
- Imelda Walsh, former Group HR Director of Sainsbury’s
- John Monks, member of House of Lords and former General Secretary of ETUC and TUC
- Christopher Daykin, former Government Actuary
- Win Robbins, former Head of European Fixed Income at Barclays Global Investors
NOW: Pensions is committed to developing a better workplace pension provision in theUKby offering a simple, high quality, cost efficient and systematically risk managed pension product that delivers better retirement savings forUKemployees. With over 45 years’ experience providingDenmark’s working population with stable and consistent pensions returns, NOW: Pensions is set to transfer the knowledge acquired inDenmarkto theUKpension market. Charges are just £1.50 per month administration charge (reduced administration charge of £0.30 – £1.00 to be applied during auto enrolment phasing for lower earners) plus a 0.3% annual product investment management charge, with no hidden charges.
In April 2013, NOW: Pensions became the first master trust to attain the NAPF’s new PQM Ready Standard. The benchmark shows employers that NOW: Pensions is a well governed pension scheme with low charges and good member communications.
The ATP Group www.atp.dk
Arbejdsmarkedets Tillaegspension (ATP) / Danish Labour Market Supplementary Pension is a statutory pension fund. It was established as an independent entity in 1964 with the objective of ensuring a greater retirement income for the Danish population. ATP has since developed to become the largest pension fund inDenmark. Together with the tax-financed basic state pension, ATP provides basic income security in old age for the Danish population.
ATP covers almost the entire Danish population representing 4.7 million members and 160,000 employers. In addition to the ATP Scheme, the ATP Group administers a number of pension and social insurance schemes, including several for the Danish state.
The ATP Group total assets under management amounted to DKK 624 billion/approximately GBP 68.4bn (i.e. assets: DKK 540 billion/GBP 62.3 billion + reserves: DKK 84 billion/GBP 9.2bn) at 31 December 2012. ATP invests in a wide variety of assets globally. Investment categories are broadly: equities, interest rates, credit, inflation and commodities.